Bitcoin
Bitcoin Explodes Past $15,000 as Analysts Expect Further Upside
Cole Petersen | Nov 05, 2020 | 18:00
- If it isn’t already clear, Bitcoin is caught in the throes of a full-fledged bull market as its price rallies towards $15,000
- This move came about in the form of a parabolic advance overnight, with buyers overwhelming sellers once again
- The cryptocurrency is showing few signs of weakness as it continues flashing immense signs of strength
- Where it trends in the near-term will likely depend on its continued reaction to $15,000
- Traders are noting that the next key resistance level sits around $15,700, and a break above here could send it up to all-time highs
Bitcoin is beginning to flash some signs of immense strength as buyers propel it up towards $15,000.
This is the highest price the cryptocurrency has seen since its 2017 highs of $20,000, and bulls are now just a stone’s throw away from breaking above this level.
Where the market trends in the near-term may depend largely on its continued reaction to $15,000 as well as the strong selling pressure that sits at $15,700.
Buyers are in full control of the market, and there’s a strong likelihood that further upside could come about in the days and weeks ahead.
Bitcoin Rockets to $15,000 as Analysts Eye Further Upside
At the time of writing, Bitcoin is trading up 5% at its current price of $14,850. This is around the price at which it has been trading throughout the past few days.
The selling pressure at $15,000 did slow its ascent, but it has yet to spark any sharp or sustainable selloff.
Where it trends in the near-term will likely depend mostly on whether or not bulls can break above this level or if it will enter another consolidation phase.
Analyst: Move Towards $15,700 Likely as Resistance Mounts
While sharing his thoughts on where the cryptocurrency might trend in the near-term, one analyst explained that a move to $15,700 is likely due to the resistance that sits here.
He noted that a monthly close above $16,000 would be ultra-bullish.
“BTC HTF Analysis: Look how clean that current monthly candle is looking, I know we are only a few days in but the clean wick below and consistent buying pressure is super impressive. Next resistance level is around $15,700, a monthly close above $16,000 would be insane to see.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming few days should provide investors with serious insights into where Bitcoin and the rest of the crypto market will trend throughout 2020.
Featured image from Unsplash. Charts from TradingView.
